Viewed as a first-of-its-kind, the development of the Center for Black Entrepreneurship (CBE) moves forward through the support of Bank of America’s $10 million in anchor funding. Morehouse College and Spelman College will establish space on their respective campus in partnership with the Black Economic Alliance Foundation and the Bank.
The partners see the CBE as an important piece of Black student education that will eliminate the barriers faced by them as entrepreneurs, helping them to leverage opportunities to gain access to capital and mentorship, while studying at two top Historically Black Colleges and Universities (HBCU).
This endeavor is part of Bank of America’s $1 billion, four-year commitment to advance racial equality and economic opportunity which includes support to minority entrepreneurs, as well as having a focus on education, jobs, health and housing.
The CBE will give Black students the knowledge they need to create businesses, launch startups, connect with venture capital funding sources, acquire and reposition existing businesses, and scale their innovations into full services or products. To reach a broad audience the CBE offers online courses in addition to its more traditional in-person academic curriculum.
“The Center for Black Entrepreneurship will help close the opportunity gaps among industry, the investment community and Black entrepreneurs,” explained Black Economic Alliance Executive Director David Clunie. “The Black Economic Alliance is proud to partner with Spelman and Morehouse to bring this unique initiative to fruition, and we appreciate the anchor funding from Bank of America enabling us to launch the program. Together, we will grow a strong pipeline of Black innovators and create a robust ecosystem of entrepreneurial excellence in Atlanta and beyond.”
The CBE will have an on-campus space for student entrepreneurs to gather and a portion of the funding will be used to develop academic curriculums and to recruit faculty. Their efforts build on the strong culture of entrepreneurship programs currently at Spelman and Morehouse colleges.
Cynthia Bowman, chief diversity & inclusion and talent acquisition officer for Bank of America, is a Spelman College alumna, so Bank of America’s commitment has a personal connection for her.
“I know firsthand the lasting and meaningful impact the institution can make on its students and surrounding community. This collective partnership will work to eliminate existing barriers by providing unique opportunities to Black entrepreneurs, ultimately fueling Black innovation and economic mobility within the next generation.”
Learn about a newly established HBCU Founders Accelerator Program
